Qualcomm Board Rejects Broadcom-Silver Lake Director Nominees - Quick Facts

(RTTNews) - Qualcomm Inc. (QCOM) said that following the recommendation of the Board's Governance Committee, its board of directors has unanimously determined not to nominate any of the 11 candidates assembled by Broadcom Limited (AVGO) and Silver Lake Partners to replace Qualcomm's current directors at Qualcomm's 2018 annual meeting of stockholders.

Qualcomm said that after a thorough review of the Broadcom-Silver Lake nominees, the Governance Committee concluded that these nominees are inherently conflicted and would not bring incremental skills or expertise to the Qualcomm Board.

Qualcomm noted that Broadcom and Silver Lake are asking Qualcomm stockholders to turn over control of their company now to the hand-picked Broadcom-Silver Lake nominees based on a proposal that dramatically undervalues Qualcomm and is not actionable due to its significant regulatory uncertainty.

The company also said that Broadcom has made no commitments to resolve the serious regulatory issues inherent in its proposal.

Qualcomm's Board is nominating its eleven incumbent directors for re-election at the 2018 annual meeting: Barbara Alexander, Jeffrey Henderson, Thomas Horton, Dr. Paul Jacobs, Ann Livermore, Harish Manwani, Mark McLaughlin, Steve Mollenkopf, Clark Randt, Jr., Dr. Francisco Ros and Anthony "Tony" Vinciquerra.

Qualcomm today also filed its preliminary proxy statement with the U.S. Securities and Exchange Commission in connection with the company's upcoming 2018 annual meeting.